Question Submitted 3/16/2014
We own several properties in Ottumwa, Iowa. We live in California. We have sold them on contract. We carry the mortgage and the purchasers pay us monthly principal and the interest of the property. One of our houses we had sold on contract 7 years ago the owner suddenly moved out and purchased another house and now wants to quit claim it back to us. My problem is the "release form" that is presented to us makes me wonder if there is any underlying problems we should know about. It states, "RELEASE", "FOR THE SOLE CONSIDERATION OF a Deed in Lieu of Forfeiture, the receipt and sufficiency of which is hereby acknowledged, the undersigned, (Our names) do hereby release, acquit, and forever discharge (Their names) together with, as appropriate, his/her/its/their past and present officers, directors, employees, related and affiliated entities, successors, agents, heirs, assigns, and insurers, and all other persons, firms and corporations, from any and all liability whatsoever, including all claims, demands, and causes of action of every nature affecting us or either of us, jointly or severally, which we or either of us have, may have, or ever claim to have by reason of Real Estate contract dated (the date of contract)."
WE HAVE READ THE FOREGOING RELEASE, UNDERSTAND ITS TERMS, AND FREELY AND VOLUNTARILY SIGN THE SAME.
DATED this ________day of ____________
CAUTION: THIS IS A RELEASE - READ BEFORE SIGNING!"
After that is all written then we are supposed to sign in front of a notary public the "release" form. My question is to me is this a normal written deed or does it seem as though they have something to hide and are trying to release their liability on it all? It just seems odd all of the wording when talking about "from any and all liability whatsoever, including all claims, demands, and causes...etc." I'm concerned and do not know what to do about this situation. Thank you.
I would suggest you contact a real estate attorney.